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Allianz Closes on Budapest’s Allee

Allianz Real Estate Germany GMBH (Allianz) has acquired 50% of Allee Shopping Centre for a price exceeding €100 million. This is the first major investment transaction seen in the Hungarian capital since the property markets retreated and the first acquisition of a shopping centre by Allianz outside Germany.

Allianz was represented by Jones Lang LaSalle.

Allee Shopping Centre opened fully leased in November 2009, comprises some 47,000 sqm and is anchored by Interspar, Inditex Group, Van Graaf, H&M, C&A and Electroworld as well as a 13-screen cinema. There is an additional 7,000 sqm of offices. Jones Lang LaSalle’s retail leasing team was exclusively instructed to lease the leisure & entertainment activities and co-exclusive agent on the whole shopping centre together with Cushman&Wakefield. (BBJ Online)